Stakefish co-founder and F2Pool co-founder Chun recently delivered a significant speech titled "Why Miners Should Embrace EIP-1559" at ETHDenver. In this speech, Chun announced that F2Pool officially supports EIP-1559. In this article, F2Pool will explain in detail why we support the EIP-1559 proposal that has the potential to change the Ethereum ecosystem.

Current State of Ethereum

It is well-known that Ethereum has been in a high-growth mode for the past two years. Previously, many viewed the ICO frenzy in 2017 as temporary. However, it has become evident that it was just the tip of the iceberg in Ethereum's journey. Despite the crash in early 2018 and subsequent bear market, ecosystem builders did not slow down. They created DeFi, DAOs, NFTs, and other ecosystems on Ethereum. It was not until early to mid-2020 that the mainstream realized and shifted attention to the ecosystem applications built on Ethereum. The clearest evidence is seen in on-chain data, with Ethereum's on-chain transaction volume surpassing the peak level of 2017.

The value of Ethereum's on-chain transaction information is increasing, and the demand for block packaging is also increasing, as seen in the continuously rising gas fees. However, we have not seen gas fees decrease below 10 gwei yet.

Lowering gas fees to a controllable level is not the core issue discussed in this article. Ethereum is currently working hard to launch Ethereum 2.0 as a long-term solution to scalability issues. Currently, there are Layer 2 networks available or expected to be launched soon, which will alleviate Ethereum application scalability issues until Ethereum 2.0 is launched. This article will explore how we can provide a better Ethereum experience for users and developers. The stakes have never been higher for getting transactions included.

With time, it is expected that gas fees on Ethereum will continue to rise, but it is an art rather than a science. Gas fees become difficult to predict during market volatility, the emergence of new trading opportunities, interesting NFT or token sales, and fluctuations in Bitcoin and Ethereum prices. To ensure that transactions are successfully included in blocks, users have to bear the brunt of extreme volatility and unpredictable gas fees, as well as longer-than-expected queueing times. Sometimes, the worst-case scenario of litecoin mining machines occurs, where gas fees are depleted, transactions fail to be packaged, and Ethereum is lost for nothing.

Solution: EIP-1559

There are already numerous articles discussing EIP-1559 ("EIP-1559 Proposal," "Will EIP1559 Bring a Fork Candy for Ethereum? Why Miners Ultimately Choose to Support It," "The Last Piece of the Ethereum Monetary Policy Puzzle," "Vitalik's Comments"). In short, the core of EIP-1559 is to change the way miners are paid gas fees. Currently, miners primarily select transactions with higher bids (i.e., higher gas fees) to package from the Mempool.

In the EIP-1559 proposal, gas fees will be divided into two parts: the base fee and the tip. The base fee is the minimum price users must pay to have their transactions included in a block. If the EIP-1559 proposal is adopted, the base fee will be burned. If a block exceeds the limit of 12.5M gas fees, the block limit will increase, with the final upper limit for gas fees being 25M. The tip can be thought of as an additional reward for miners. Once gas fees reach the final upper limit of 25M, miners can prioritize packaging transactions based on the tip fee, similar to the current first-price auction packaging.

Although experts have identified many advantages of EIP-1559, we want to emphasize one advantage: improving user experience.

For programmers and users, EIP-1559 makes gas fees predictable. Gas fees can be estimated accurately by observing the base fees of packaged transactions in blocks, rather than getting packaged at a price higher than the current average gas fee.

EIP-1559 is primarily led by Tim Beiko, a staunch supporter, while also considering different opinions from the community. According to his assessment from a technical perspective (Tim Beiko's EIP-1559 Github), there are still some challenges to be addressed before the launch of EIP-1559. Ethereum's EIP-1559 could be launched as early as the "London" hard fork in July.

These are the known facts about EIP-1559. Next, we will discuss why we believe this proposal should be supported.

Controversial EIP-1559

Currently, the largest group opposing EIP-1559

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